Answer:
Final amount after 11 years = $4021.97
Step-by-step explanation:
We will use the formula to get the final amount after t years,
Final amount = [tex]a(1+\frac{r}{n})^{nt}[/tex]
here a = Initial amount
r = Rate of interest
n = Number of compounding in a year
For Initial amount 'a' = $1500
r = 9%
t = 11 years
n = 12 [Compounded monthly]
F = [tex]1500(1+\frac{9}{12})^{12\times 11}[/tex]
= $4021.97
